Expands local sales and use tax rate limitations set by sponsoring and cosponsoring local governments.

Requires certain sponsoring local governments to select a local sales and use tax rate by September 1, 2009.

Requires a sponsoring local government, before imposing the local sales and use tax, to estimate that certain revenues will equal or exceed the amount awarded to the project by the community economic revitalization board.

Expires June 30, 2039.